Germany’s new government has launched a major program aimed at boosting investment and helping Europe’s largest economy recover after two years of decline.
Chancellor Friedrich Merz and Finance Minister Lars Klingbeil announced the “growth booster” package on Wednesday. It includes tax breaks for businesses and a planned cut to corporate tax rates — from 15% to 10% — gradually starting in 2028.
The centerpiece is a generous tax write-off for companies investing in machinery and equipment over the next three years. Additional incentives will support the purchase of electric vehicles and private-sector research through mid-2027.
“We’re making Germany more competitive,” Klingbeil said, as the country tries to spark growth in an economy expected to stagnate this year.
The measures still need approval from parliament.
The new package is separate from a €500 billion fund already passed by lawmakers to modernize infrastructure across Germany over the next 12 years. Formal legislation for that fund is expected later this month.
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Thousands of visitors flocked to Hong Kong’s Cheung Chau island on Sunday for the annual Bun Festival, as crowds gathered to watch the famous “floating children” parade and prepare for the traditional midnight bun-scrambling competition.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for 25th May, covering the latest developments you need to know.
Australian activists released from Israeli custody after being detained on a flotilla trying to deliver aid to Gaza have claimed they were subject to abuse and beatings, which left some hospitalised. Israel’s prison service denies the allegations.
A Washington and Tehran peace agreement is yet to materialise after U.S. President Donald Trump said a deal between the countries was yet to be fully negotiated, despite earlier saying the pact was 'largely negotiated.'
The inaugural Enhanced Games began in Las Vegas on Sunday (24 May), launching one of the most controversial experiments in modern sport, in which athletes openly compete using performance-enhancing drugs banned under traditional anti-doping rules.
A "largely negotiated" memorandum of understanding on an Iran peace deal would reopen the Strait of Hormuz, U.S. President Donald Trump said on Saturday, though the Iranian Fars news agency disputed that claim.
Police fired tear gas and clashed with protesters in central Belgrade on Saturday, as tens of thousands gathered to demand early elections and an end to the more than decade-long rule of Serbia's President Aleksandar Vučić.
An explosion on a railway track in Pakistan's Quetta killed at least 24 people, news outlet Al Arabiya reported on Sunday, citing officials.
A Washington and Tehran peace agreement is yet to materialise after U.S. President Donald Trump said a deal between the countries was yet to be fully negotiated, despite earlier saying the pact was 'largely negotiated.'
Kevin Warsh will be sworn in as chair of the U.S. Federal Reserve on Friday as policymakers consider higher interest rates to tackle inflation linked to the Trump administration’s Iran policy.
A government-mediated agreement has suspended an 18-day walkout by about 48,000 Samsung union members, easing fears of damage to South Korea's economy and global chip supply.
Asian stocks surged on Thursday as some vessels resumed passage through the Strait of Hormuz, while forecast-beating results at Nvidia and a suspended workers' strike at Samsung Electronics lifted shares of chipmakers.
Elon Musk’s SpaceX will have to improve its reliability before receiving approval for its target 10,000 launches annually within five years, Bryan Bedford, Head of the U.S. civil aviation agency, the Federal Aviation Administration (FAA), has said.
Demand for electric vehicles has surged across Europe as elevated fuel prices linked to the Iran conflict push consumers toward new and second-hand EVs, according to data shared with Reuters. It is providing a boost to an auto industry that has struggled with slower-than-expected adoption.
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